Adani NDTV Deal: Adani Group, NDTV move Sebi for clarity over warrants | India Business News – Times of India
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NEW DELHI: Adani Group and NDTV‘s promoter entity RRPR Holding have approached Sebi, seeking clarity on the applicability of the markets regulator’s earlier order regarding the conversion of warrants into shares, a decisive factor in the takeover battle for the media group.
Days after Adani Group on August 23 announced acquiring a 29.18% stake in NDTV through the acquisition of VCPL, which holds a 99.99% stake in RRPR Holding, the media group’s promoters have asserted that the deal cannot go ahead without Sebi’s nod. In an order passed in November 2020, Sebi had restrained NDTV founders – Radhika Roy and Prannoy Roy – from the securities market for two years and that period ends on November 26.
As restrictions are still in force, hence a prior written approval from Sebi was required for VCPL for the exercise of the conversion option on the warrants, NDTV founders had said. Against this backdrop, both sides have approached Sebi for clarity and the regulator’s response will be crucial in the takeover battle.
Days after Adani Group on August 23 announced acquiring a 29.18% stake in NDTV through the acquisition of VCPL, which holds a 99.99% stake in RRPR Holding, the media group’s promoters have asserted that the deal cannot go ahead without Sebi’s nod. In an order passed in November 2020, Sebi had restrained NDTV founders – Radhika Roy and Prannoy Roy – from the securities market for two years and that period ends on November 26.
As restrictions are still in force, hence a prior written approval from Sebi was required for VCPL for the exercise of the conversion option on the warrants, NDTV founders had said. Against this backdrop, both sides have approached Sebi for clarity and the regulator’s response will be crucial in the takeover battle.
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